Unit 4 Pre-ImportProcedure

Unit 4 Pre-ImportProcedure

1. a. Steps in Import Procedure

   • (iii) Placing an Order
   • (ii) Foreign Exchange Clearance
   • (i) Import License / Quota Certificate
   • (iv) Placing order or indent
   • (v) Arranging for finance
   • (vi) Obtaining letter of credit
   • (vii) Receipt of shipment advice

2. b. LEGAL DIMENSIONS OF IMPORT PROCEDURE - Imports and exports act 1947

   • terms of contract
   • Pricing & INCO terms
   • Payment settlement
   • 1. Open general license (OGL)
   • 2. Import Certificate Issuing Authorities
     • Dept of electronics
     • Dept for the Promotion of Industry and Internal Trade (DPIIT
     • Ministry of Defense (MoD)
     • DGFT
     • Embassy of India in Washington, DC
   • 3. Capital Goods Import
   • 4. Advance Authorization

3. c. Customs Formalities for Imports

   • (i) Calling of Vessels
   • (ii) Filing Import General Manifest (IGM)
   • (iii) Post Verification Operations
   • (iv) Custody of Custodian
   • (v) Filing Bill of Entry
   • (vi) Delivery of Goods

4. d. Warehousing of Imported goods

   • (i) Warehousing Stations
   • (ii) Bonding of Import Goods
   • (iii) Storage Period and Interest Liability
   • (iv) Re-warehousing

5. e. Exchange Control Provisions for Imports

   • Form A1
   • Exhange declaration GR form

6. f. Retirement of Export Documents

   • loading of goods
   • retirement of import documents